The financial exclusion rate rose to 41.6 percent in 2016 from 39.5 percent in 2014, raising concerns on the realisation of 20 percent exclusion target by the year 2020 by the Federal Government.
Access to financial service in Nigeria 2016 survey by EFInA revealed that 40.1 million out of 96.4 million adult population was financially excluded in 2016 compared to 36.9 million adult in 2014.
This implies that 3.2 million adult population who were formerly included into the financial services sector, backed out in 2016 as a result of the challenging economic environment in 2015 and 2016 which led to reduction in disposable income.
Household consumption fell year on year in real terms, by 1.05 percent in the first quarter of 2016, and by 6.00 percent in the second quarter of the same year.
HOPE MOSES-ASHIKE
